Barney Frank’s comments are particularly egregious, because while he was saying all was well at Fannie Mae and Freddie Mac, his main squeeze was Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie. His "pillow talk" with Barney was worth millions.

Another interesting Democrat enabler of Fannie Mae and Freddie Mac is New York Senator Chucky Schumer, who is always first and loudest with Republican denunciations at any hint of a problem or crisis.

It is a tribute to the power of the East Coast liberal elite media – New York Times, Washington Post, Boston Globe, NBC, CBS, ABC, CNN – that Americans think that Republicans repealed the Glass-Steagall Act of 1933 to deregulate financial markets. Actually, the Glass-Steagall Act was repealed on November 12, 1999, by the Gramm-Leach-Bliley Act, which passed in Congress with a 343-86 vote in the House of Representatives, before being sent to conference committee; the final bipartisan bill then passed easily (Senate: 90-8-1, House: 362-57-15) and was signed by President Bill Clinton (one of its chief supporters).

As a further tribute to the media elite, Republicans are blamed for deregulation of financial markets even though President Bush and Senators McCain, Dole, Sununu, and Heath tried several times – 2001, 2003, 2005, and 2006 – to tighten controls on Fannie Mae and Freddie Mac. Each time the Democrats blocked reform, accusing Republicans of discriminating against low-income families by trying to tighten controls over lending practices.

Very recently Democrats still played the race game, accusing Republicans of racism by linking Obama and other Democrats to Franklin Raines, who is black, the disgraced former CEO of Fannie Mae (and until recently, an Obama adviser). This article, The Fannie Mae Gang, by Paul A. Gigot, Wall Street Journal editorial page editor, was written July 23 – over two months ago – and nails the causes for today’s financial crisis.

It should be required reading for all Americans, because you will never hear about it from the elite main stream media, who think their mission is to carry Obama and Democrats further into political and economic power.

As the article points out, the politicians and agencies that caused the mess will come out of it stronger than ever, taking us a long way towards their ultimate objective, state capitalism.